“I’m a fairly new trader and I feel there’s information overload…”

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Hi Michael

I’m a fairly new trader and I feel there’s information overload when it comes to trading and it’s hard to know where to start and begin. I’m nearly 60 but I have a desire to learn to trade profitably.

Every book I read on trading or TA gives you chart reading skills and some money management strategies and they tell you to design your own ‘trading plan’ which is great but what I really need is a ‘trading plan’ that is already developed as there are too many factors that I wouldn’t know how to put together myself with limited experience.

I have purchased your book on the ‘Turtle trend following system’, I’m still waiting for delivery but I’m hopeful that this will have a trading plan written out that I could follow?

After I read it I intend to buy your ‘Trend Following’ book to further my education.
I’m far from lazy or wanting to be spoon-fed but I just can’t seem to be able to write a trading plan that I would feel comfortable following.

Perhaps later I might consider doing your ‘turtle’ course but unfortunately, it’s beyond my financial capabilities at the moment and being from Australia our dollar is rubbish and it would cost me nearly double what it costs in the US.

The other thing that I feel is difficult for me is finding out how to sell short and how to trade the different markets such as commodities, futures, different indexes, etc on leverage as I haven’t done that before. I will soon trade my own Super Fund (401k) I think it’s called in the states and I’m told that I must use Saxo brokerage for international shares and probably futures and commodities, is there any advice or tips about how I can learn to trade instruments other than equities, please?

Many thanks for your help

Kind Regards
Peter

Yes. My website, books, and podcast are filled with info.

Ep. 853: Mark Perry Interview with Michael Covel on Trend Following Radio

Mark Perry
Mark Perry

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My guest today has insights. Very unique insights. I am very lucky to keep bringing great minds onto this show. An excerpt from his piece that inspired me:

On April 28, 1961—a decade after General Douglas MacArthur was fired for defying Harry Truman on Korea—the controversial commander hosted President John F. Kennedy at New York’s Waldorf Astoria Hotel, where MacArthur and his wife lived in a suite on the 37th floor. The contrast between the two could not have been more obvious: MacArthur, then in his early eighties, was mottled, frail, and walked with a slight stoop, while the newly inaugurated Kennedy was young, fit, and vibrant. The two sequestered themselves in MacArthur’s suite, then posed for photographers, the young president obviously proud to appear with the aging legend.

Fortunately for historians, Kennedy recorded notes on his Waldorf Astoria discussion, committing MacArthur’s advice to a personal memorandum that he later referred to in White House policy discussions. The meeting itself was the subject of news stories and featured on national newscasts that same day. Later, the meeting provided grist for two generations of Kennedy-besotted commenters who debated whether the young president, had he not been assassinated in Dallas, might have recoiled from committing tens of thousands of U.S. troops to a winless war in Southeast Asia—a course of action taken by Lyndon Johnson, his successor.

It turns out that Kennedy’s memo of the Waldorf Astoria meeting (now at Boston’s John F. Kennedy Presidential Library & Museum) is crucial for historians for a number of other reasons. It offers not only a glimpse of how the young president intended to navigate the treacherous waters of the Cold War, but suggests how one of America’s most celebrated military officers viewed what might be called the grand strategy of the American Republic: that is, whether and how the U.S. might win its dangerous struggle against the Soviet Union. Finally, the Waldorf Astoria meeting tells us how MacArthur’s most famous warning—to “never fight a land war in Asia”—has come down to us, what he meant by it, and whether, in an age of American troop deployments in at least 133 countries, it retains its meaning.

Bio: Mark Perry is a military, intelligence, and foreign affairs analyst and writer. His articles have appeared in the Nation, the Washington Post, Foreign Policy, and the Los Angeles Times, among other outlets, and he is a frequent guest commentator and expert on Al Jazeera television network. He is the author of eight books, including Grant and Twain, Partners in Command, and Talking to Terrorists. Perry has served as editor and Washington bureau chief for a number of publications, including Washington D.C.’s City Paper and The Veteran, the largest circulation newspaper for veterans in the nation.

In this episode of Trend Following Radio:

  • MacArthur’s Last Stand Against a Winless War
  • The Origin of the Vietnam War
  • Ancestor’s Legacy
  • Domino Theory

Mentions & Resources:

“I just want to reach out to you and say thanks for both your books: TurtleTrader and of course Trend Following.”

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Hi Michael

I just want to reach out to you and say thanks for both your books which I own: Turtle trader and of course Trend Following.

As a result of your books (I manage both my boy’s education stock accounts and our own), I was completely out of the market in January. I am sitting in cash watching this blood bath right now. When the trend turns I will buy back in thanks again and I love your podcast and also discovered Ed Seykota through you and I love his website

Regards

Jason

Thanks.

“The markets can be irrational longer than one can remain solvent…”

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Hi Michael,

I have found certain strengths and weaknesses at one level as I keep trading. When I say one level, I mean there are different layers of truth as we deep dive into anything. I am sure over the years there’s bound to be some more revelations.

Let’s say I take a position in futures or options, based on my assessment of market weaknesses (or strengths) and which phase of the main trend or corrective trend the market has been in. The biggest challenge so far has been the ‘when’ factor. I expect a reversal and take a position, but the reversal doesn’t happen at our whims and fancies but says it happens later. They say the markets can be irrational longer than one can remain solvent. In hindsight, you could say that I took the position based on expectations before the market ‘confirmed’ it. More often than not have been good at predicting the phase and direction but the when the factor has been tough to master.

I hope I made myself clear.

Regards

Y.

You need a system. Too much guessing in your write-up.

“I truly don’t understand how a person can think he is a brilliant investor when he’s only been riding the trend of a bull market…”

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Dear Michael,

I am a 76-year-old physician still working part-time. I was unable to download the basics of trend following video from your website that I very much wanted to see. It partially downloaded but, would not fully download.

I am a subscriber to several Stansberry products. I saw a video of your presentation of trend following from Stansberry’s last Las Vegas conference and was impressed by what you had to share. I have read most of your recent Trend Following 5th edition. There was a great deal of interesting information, but I am hopeful that your basics video will give me the practical information that I need.

If ever we’ve had a Black Swan, we sure have one now. We certainly have a downtrend that I don’t think will go away as soon as many people would hope. After getting stopped out from almost all of my uptrending investments, I’m trying to stop the bleeding & profit from this downtrend using inverse ETFs. I truly don’t understand how a person can think he is a brilliant investor when, in fact, he’s only been riding the trend of a bull market. I hope your basic video will help me learn to better ride the current downtrend in a fruitful and profitable way.

Thanks in advance for your help. Best wishes & stay well,

Paul

You stay well too!